Espresso (ESP) Token Debuts at Roughly $275 Million Valuation
April 13 2026 – The DeFi Pulse
The Espresso protocol, a decentralized roll‑up base layer aimed at powering high‑throughput rollups and app‑chains, launched its native ESP token this morning. The initial offering values the network at approximately $275 million, a figure that places the token among the latest wave of DeFi projects whose market caps have slipped below the expectations set during earlier private sales.
Launch details
| Metric | Figure |
|---|---|
| Opening price (on‑chain) | $0.072 |
| Peak price (first 30 min) | $0.083 |
| 7‑hour trading volume (CoinGecko‑tracked) | $115 million |
| Total airdrop allocation | 10 % of total supply |
| Recipients of airdrop | >1 million eligible addresses |
| Vesting for launchpad investors | 2‑year linear schedule |
| Current loss for launchpad participants | ~30 % below purchase price |
The token’s price rose quickly after launch, climbing from its initial $0.072 to $0.083 within minutes. Within the first seven hours, exchanges that track ESP on CoinGecko recorded more than $115 million in trade activity, indicating strong short‑term liquidity.
The airdrop, which distributed a tenth of the total token supply, was targeted at a broad community of early supporters – more than one million wallets qualified. The remainder of the supply is subject to a two‑year vesting period for participants who bought in the earlier Kaito Launchpad round.
Background on the Kaito Launchpad sale
In July 2025, Espresso conducted a limited‑size launchpad sale on the Kaito platform, pricing 1 % of the total token supply at a $400 million valuation. At current market prices, those investors face a roughly 30 % capital loss, compounded by a two‑year vesting lock‑up that delays any potential recovery.
The discrepancy between the launchpad’s $400 million valuation and today’s $275 million market cap underscores a broader trend in the market: a series of recent token sales have struggled to maintain their initial pricing levels after public distribution.
Market context
Espresso joins a short list of recent DeFi projects whose token launches have landed “underwater” relative to earlier private valuations:
- Infinex – launched at a $300 million valuation, now trading below its initial price.
- Aztec – introduced via a continuous‑clearing auction on Uniswap, also experiencing a post‑launch price dip.
These cases suggest a tightening environment for high‑valuation token sales, as investors become more cautious after a year of heightened volatility in the crypto sector.
Analyst perspective
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Valuation gap and investor sentiment – The 30 % decline for launchpad holders may signal lingering disappointment from early backers, potentially limiting future participation in Espresso’s ecosystem funding rounds.
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Liquidity and demand – $115 million in seven‑hour volume demonstrates immediate interest, but it remains to be seen whether this activity will translate into sustained demand once the initial airdrop hype subsides.
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Technical positioning – Espresso’s promise of a “complete base layer” – delivering finality, data availability, and real‑time cross‑rollup interoperability – could attract developers seeking a ready‑made infrastructure. Successful onboarding of rollups and app‑chains will be critical for long‑term token utility.
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Proof‑of‑Stake transition – The token launch also marks Espresso’s shift to a PoS consensus model. Early staking incentives could help anchor token price if the network achieves a healthy validator set, but they also increase the importance of token distribution fairness.
- Risk factors – The extended vesting schedule for launchpad participants may suppress selling pressure in the short term, but it also ties a sizable portion of the supply to a group of investors whose incentives may diverge from those of the broader community.
Key takeaways
- Initial market cap: Approximately $275 million, a noticeable downgrade from the $400 million launchpad valuation.
- Price movement: Opened at $0.072, briefly peaked at $0.083; early trading volume exceeded $115 million in the first seven hours.
- Airdrop: 10 % of ESP supply distributed to over one million addresses, boosting broad community participation.
- Launchpad loss: Investors from the 2025 Kaito sale face about a 30 % unrealized loss, with a two‑year vesting cliff that may delay any market correction.
- Sector trend: Espresso follows other recent token launches (Infinex, Aztec) that have entered the market at lower valuations than expected, reflecting tightening investor appetite.
- Future outlook: Sustained demand will depend on the protocol’s ability to attract rollup and app‑chain projects and to incentivize staking under its new PoS model.
Espresso’s debut illustrates the fine line DeFi projects now walk between ambitious financing rounds and the reality of market appetite. While the token’s early trading activity is robust, the broader ecosystem’s health will hinge on genuine adoption of its rollup infrastructure and the alignment of incentives among both early investors and the expanding user base.
Source: https://thedefiant.io/news/blockchains/espresso-token-launches-at-usd275-million-valuation
